Beam Global (Nasdaq: BEEM), a provider of technology for EV charging, outdoor media and energy security, will acquire energy storage specialist AllCell Technologies in an all-stock transaction.
Beam’s corporate headquarters and factory will remain at its current location in San Diego, and the AllCell team and manufacturing facility will remain in Broadview, Illinois. The Beam and AllCell teams intend to integrate rapidly and explore an expansion of battery manufacturing in California. Management will also consider an expansion of Beam’s product manufacturing in the Midwest.
Beam has used AllCell’s flexible battery platform architecture in its products for ten years, and finds it ideally suited for applications that require high power in small spaces. Beam’s EV ARC off-grid charging solution will require battery pack formats optimized for the product, and Beam says the acquisition of AllCell will allow for these to be developed faster and cheaper.
Battery systems currently account for approximately 30% of Beam Global products’ bills of materials. The company expects the acquisition of AllCell to reduce material costs by as much as 7%.
“This acquisition deepens and widens the moat around our first-to-market leadership position in several rapidly growing and very large markets,” said Beam Global CEO Desmond Wheatley. “AllCell brings a team comprised of some of the energy storage industry’s finest scientists, engineers and operations and manufacturing leaders.”
“Sustainability, safety and high power are the cornerstones of the technology and IP portfolio we’ve developed at AllCell,” said Said Al-Hallaj, co-founder and Chief Battery Scientist at AllCell Technologies. “Success to us is solving the complex challenge that joins longer battery life, more efficient materials use and higher energy density—all while improving safety.”
Source: Beam Global